Oil and Energy Will Overcome a Case of Status Quo Bias

MRP’s call on crude oil has been contrarian since its inception. Even now, although the West Texas Intermediate (WTI) benchmark is pricing oil at over $66 per barrel, well above the lower half of our $60 - $80 prediction, oil should still climb higher yet. Not only that, but we also believe that energy equities, should finally pick up the pace.
Back in April of 2016, “lower for longer” pricing was the outlook of many on Wall Street who were suffering from a case of Status Quo Bias, or SQB. The massive oil glut that sent prices tumbling more than 70% from 2014 to...